Genoa’s Medical Malpractice Insurance is an annual Policy, however the Insured may elect to effect payment via the following options:
- EFT
- Once off debit order collection
- Monthly debit order
Premiums are due and payable on or before the Due Date to the Insurer
- Where a Premium has not been received by the Due Date, the Insured will be given a 15 day grace period within which to make payment of the Premium
- With the above said, Insurers will grant a grace period from 01 January to 31 March in order to make payment of the Medical Malpractice Should payment not have been received for these three months, the effect of this non-payment will be that the Policy did not actually incept and any loss or damage that took place will not be covered.
In the event of a monthly debit order being unpaid:
- The Insurer may at its sole discretion elect to raise a double debit on the first day of the following calendar month
- In the event that the debit order is unpaid on the second debit request then the Policy will be cancelled with effect from the first date of non-payment.
- If, however, in the event that a claim arises between the first unpaid debit order and prior to the date of the double debit payment request the indemnity granted by this Policy will remain in force, and the Insurer will be entitled to deduct all premiums due from the claims settlement.
- Any bank charges accruing to the unpaid debit order shall be borne by the insured
In the event of EFT payments, the Insurer is not obliged to accept payments tendered to it 15 (fifteen) days after the Due Date.
In the event of once off debit collections being unpaid, the Insurer is not obliged to accept payments tendered to it 15 (fifteen) days after notification of the unpaid premium.
Any stop payment by the Insured, shall be deemed to be a cancellation of the Policy by the Insured.
Indemnity under each Section of the Policy shall be conditional upon the Insurer having received the full Premium.